Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).

  • FEAnalytics.com
  • FEInvest.net
  • FETransmission.com
  • Investegate.co.uk
  • Trustnet.hk
  • Trustnetoffshore.com
  • Trustnetmiddleeast.com

For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.

WHAT INFORMATION DO WE COLLECT ABOUT YOU?

We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.

COOKIES

In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.

HOW WE USE INFORMATION

We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.

ACCESS TO YOUR INFORMATION AND CORRECTION

We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.

WHERE WE STORE YOUR PERSONAL DATA

The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.

CHANGES TO OUR PRIVACY POLICY

Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.

OTHER WEBSITES

Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.

CONTACT

If you want more information or have any questions or comments relating to our privacy policy please email publishing@financialexpress.net in the first instance.

 Information  X 
Enter a valid email address

Ultima Networks PLC (UTN)

  Print      Mail a friend       Annual reports

Monday 23 May, 2011

Ultima Networks PLC

Final Results

RNS Number : 0574H
Ultima Networks PLC
23 May 2011
 



Ultima Networks PLC

23 May 2011

 

ANNOUNCEMENT OF AUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2010

 

ULTIMA NETWORKS PLC

 

("Ultima" or the "Company")

 

23 May 2011

 

The Directors are pleased to announce the audited results of the company and its subsidiaries (the "Group" or the "Ultima Group") for the year ended 31 December 2010.

 

The Ultima Group's operations consist of three divisions: IT Services, Green technology products and Green power. These divisions are involved respectively in the sale of software to the legal profession, the development and sale of specialist electrical goods and the development of  clean power generation through solar installations in Spain, Italy and the United Kingdom.

 

Operational highlights of 2010:

 

·      Successful launch of Infineum Continental Electric Bicycle

 

·      Grant of Patent protecting core technology used in the Infineum Electric Bicycles

 

·      Connection of 100KW Solar Park to Spanish National Grid

 

·      Award of development grant by Valencia Energy Agency towards deployment of 10KW solar installation based on concentrated solar cell technology.  

 

·      Launch of Free Solar Energy for Schools initiative

 

·      Launch of  "Cognito FiLOS" legal software suite

 

 

Financial highlights:

 

·      Group revenue up 2.8% - 2010: £1,919,000 (2009: £1,867,000)

 

·      Group administration expenses down 13.8%  - 2010: £807,000 (2009: £936,000)

 

·      Operating profit up 61.1% - 2010: £356,000 (2009: £221,000)

 

·      Profit on ordinary activities before taxation for the year up 65.0% - 2010: £353,000 (2009: £214,000)

 

·      Earnings per share of 0.13p (2009: 0.10p)

 

·      Consolidated statement of financial position,  net assets up 12.6% to £2,957,000 (31 December 2009: £2,627,000)

 

 

Chairman's statement

 

Introduction

 

I am pleased to report that despite difficult trading conditions, the Group made progress and increased pre-tax  profit by 65%. During the year, all divisions announced the launch of new products which have contributed to the improvement in profitability. Product development is an essential element of the Group strategy of continuous investment in research and the development and deployment of new products and services. The Group's green power division commenced operation of its first solar park in Spain and has been awarded a grant by the Valencia Energy Agency to develop and deploy a small scale solar installation based on concentrated PV technology. IT Services has seen growth in net revenues and has launched its FiLos legal software suite which is expected to accelerate growth during 2011. The Green technology products division released several new models to supplement its Infineum electric bicycle range, and although market conditions continue to impact demand for consumer products, has seen an increase in turnover and profitability and expects strong growth during 2011. The last financial year saw an overall increase in sales and operating profit across the Group.

 

IT services division

 

The IT services division made an operating profit of £377,000 (2009:£237,000) on sales of £831,000 (2009:£816,000). This division provides computer application software and related support and other services to small and medium size legal practices in England and Wales. The division operates from two locations (Midlands and South West England) under the name "Cognito Software Limited". The divisions' management team has focused on the maintenance of high quality customer support and extending the depth of its client base during a year which has seen major restructuring within the legal profession. After 3 years of development the division added to its range of copyrighted products with the launch of the FiLos legal software suite. This is a major investment for Cognito and is expected to accelerate growth in its client base by attracting interest from larger legal practices. The division is continuing its investment in FiLos to further develop the scope and range of the software and appeal to larger firms.

 

The outlook for the division is for continued improvement in overall performance and profitability based on continued product development and a focus on ensuring the deployment of new products to a wider customer base.

 

The legal software market has seen substantial consolidation through 2010 which is expected to continue during 2011 as the changes in legal aid support take effect. The division is actively reviewing opportunities to grow through carefully targeted acquisitions and continues to review a number of potential targets.

 

Green technology products division

 

The green technology products division made an operating profit of £3,000 (2009:£11,000) on sales of £1,088,000 (£2009:£1,023,000). The division has had continuous success with sales of Powacycle, its budget range of branded electric bicycles, and sales of its premium "Infineum" range of electric bicycles.  Trading conditions within the UK remain depressed as the demand for luxury products continues to be undermined by the general economic conditions however the division has seen growth of sales into continental Europe and a substantial increase in its order book. Sales growth is expected to continue during 2011 supported by the launch of new models based upon the divisions patented technology. The new models will widen market coverage and are expected to increase market share and lead to improvement in the division's profitability.

 

Green power division

 

The 100KW solar park installed in Spain is operating and generating revenue based on the fixed revenue of 32 euro cents for a period of 25 years. The completion of the project has led to the award of a grant by the Valencia Energy Agency towards the design and deployment of a small scale solar installation using the latest solar PV technology.  The division announced a United Kingdom based initiative aimed at supplying mid range solar energy projects to schools and the Ministry of Defence. Pilot marketing has resulted in a large number of enquiries which the division is following up. The schemes are based upon the supply of PV solutions without capital cost to the participating organisation, with the division receiving revenue through the receipt of the government backed feed-in tariff scheme introduced into the United Kingdom in April 2010.

 

The division continues to negotiate with ENEL Spa to finalise a timescale for connecting the proposed Italian solar parks to the Italian high voltage grid. Work has been completed on the construction of a security fence to protect the 22 hectares of land acquired by the company in the Puglia region of Southern Italy. The demand for solar parks based upon concentrated PV is increasing in Italy with the division well placed to demonstrate its ability to deploy this technology.

 

Group Results

 

In the year ended 31st December 2010, the group achieved sales of £1,919, 000 (2009:£1,867,000) with operating profit of £356,000 (2009:£221,000).

 

The pre-tax profit of the group was £353,000 (2009:£214,000). The taxation expense was (£11,000) (2009:£Nil) and therefore the profit for the financial year was £364,000 (2009:£214,000).

 

The Group had cash at the bank of £663,000 (2009:£886,000). Any balance of cash funds not required for working capital purposes is being placed on short term bank deposit to try and maximise interest receivable. Cash was utilised in the year in the development of solar parks in Spain and the additional cost incurred in the development of solar parks in Italy and the United Kingdom. Cash was also used to fund continued development of software by the IT products division and the design of electric bicycles by the Green products division.

 

Outlook

 

Despite the tough economic conditions the outlook for the Group is positive based on a very strong  growth in the  order book and growing revenue. The group philosophy continues to be based on the pursuit of low risk recurring revenues and continued development of environmentally friendly products. We maintain the view that the professional services sector offer opportunities for growth through selective acquisition.

 

Our investment in new technology for all operating divisions has improved the group's competitive position and is expected to lead to a continued growth in sales.

 

We will be releasing further news on product launches and developments in the Green Power division in the coming months. 

 

 

Enquiries:

 

Ultima Networks plc

Prof. Humayun Mughal                                                                                                                 +44(0)1279 821200

Chairman and Chief Executive Officer

 

Allenby Capital Limited (nominated adviser and broker)

Nick Naylor/Nick Athanas/Dan Robinson                                                                                  +44(0)203 328 5656            

 

 

 

 

 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2010

 

 

 

 



 

2010

£000

 

 

 

 

2009

£000

 

Revenue

 



1,919


1,867

Cost of sales

 



(761)


(713)

Gross profit

 



1,158


1,154

Administration expenses

 



(807)


(936)

Other operating income

 



5


3

Operating profit

 



356


221

Finance income

 



(3)


(7)

Profit before taxation

 



353


214

Taxation recovery

 



11


-



 

364


 

214

Other comprehensive income:

Exchange difference on translating foreign operations



       (34)


41

Total comprehensive income for the year attributable to equity holders of the parent



    330


     255

 

Basic and diluted earnings per share - pence

 



 

0.13


 

0.10

 

 

 

 

 

 

All amounts relate to continuing activities

 

 

 

 

 

 

 

 

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2010

 




2010

£000


2009

£000

ASSETS






Non current assets






Property, plant and equipment



1,223


1,171

Intangible assets - development costs



843


464

Goodwill



118


118

Intangible assets - other



163


172

Deferred tax assets



-


-







Total non current assets



2,347


1,925







Current assets






Inventories



419


339

Trade and other receivables



564


637

Cash and cash equivalents



663


886







Total current assets



1,646


1,862







Total assets



3,993


3,787







LIABILITIES






Non current Liabilities






Deferred tax



48


45







Total non current liabilities



48


45







Current liabilities






Trade and other payables



543


711

Current tax liabilities



110


111

Accruals and deferred income



335


293







Total current liabilities



988


1,115







Total liabilities



1,036


1,160







Net assets



2,957


2,627


CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2010

 

 

 









2010

£000


2009

£000

EQUITY






Capital and reserves attributable to equity holders of the parent






Called up share capital



8,269


8,269

Share premium account



5,831


5,831

Other reserves



202


202

Retained Earnings



           (11,352)


           (11,716)

Translation of foreign operations



7


41










2,957


2,627

 

 

  

 

 

 

 

 

CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2010










2010

£000


2009

£000







Profit for the financial year



364


214

Taxation expense



 (11)


-

Interest



3


7

Depreciation charges



8


14

Amortisation of intangibles



39


33







Operating profit before changes in working capital



403


268







Decrease/(Increase) in inventories



 (80)


113

Decrease/(Increase) in trade and other receivables



73


(233)

(Decrease)/increase in trade payables and other capital liabilities



(109)


624







Cash (used in)/generated from operations



287


772







Taxation



(14)


(17)







Net cash (used in)/generated from operating activities



273


755







Cash flows from investing activities






Purchase of property, plant and equipment



( 81)


(518)

Development expenditure



(412)


(410)

Other intangibles



-


-

Net proceeds of ordinary shares issue



-


944







Net cash used in investing activities



  (493)


16







Cash flows from financing activities






Interest received



(3)


(7)







Net cash generated from financing activities



(3)


(7)







Net (decrease)/increase in cash and cash equivalents



  (223)


764







Cash and cash equivalents at beginning of the period



886


122







Cash and cash equivalents at end of the period



663


886

 

 


CONSOLIDATED STATEMENT

OF CHANGES IN EQUITY

FOR YEAR ENDED

31 DECEMBER 2010








 

 

 

 


Called up share

capital

£000

Share premium

 

£000

Other reserves

 

£000

Retained earnings

 

£000

Translation of foreign operations

 

£000

Total

Equity

 

£000

Year ended 31 December 2010








As 1 January 2010


8,269

5,831

202

(11,716)

41

2,627

Total comprehensive income for the year


 

-

 

-

 

-

 

364

 

(34)

 

330









At 31 December 2010


8,269

5,831

202

(11,352)

7

2,957

 

 








Year ended 31 December 2009








As 1 January 2009


7,554

5,602

202

(11,930)

-

1,428

Issue of share capital


715

229

-


-

944

Total comprehensive income for the year


 

-

 

-

 

-

 

214

 

41

 

255









At 31 December 2009


8,269

5,831

202

(11,716)

41

2,627

 

The Group operates in the United Kingdom, Italy and Spain.

 

At 31 December 2010, the Group is organised into three principal business segments:

 

·      IT and related services (comprising legal and publishing application software)

 

·      Green technology (comprising electric bicycles, energy saving lamps, educational electronic kits)

 

·      Green power involved in the development of solar power parks

 

The segmental results for the year ended 31 December 2010 are as follows:

 



IT and related services

UK

£000

Green technology

UK

£000

Green

 Power

ITALY

£000

Unallocated

 

 

£000

Group

 

 

£000








Revenue


831

1,088

-

-

1,919








Depreciation


2

2

-

4

8

Amortisation


10

24

5

-

39

Interest payable


-

2

-

1

3

 

Operating profit/(loss)


377

3

(24)

-

 

356








 

 

 

 

The segmental results for the year ended 31 December 2009 were as follows:










IT and related services

UK

£000

Green technology

UK

£000

Green 

Power

ITALY

£000

Unallocated

 

 

£000

Group

 

 

£000








Revenue


816

1,023

-

28

1,867








Depreciation


6

4

-

4

14








Amortisation


12

16

5

-

33








Interest payable


-

5

-

2

7








Operating profit/(loss)


237

11

(27)

-

221






















The other information of the segments are as follows:

 




2010


IT and related services

UK

£000

Green technology

UK

£000

Green

 Power

Italy

£000

Unallocated

 

 

£000

Group

 

 

£000















Segment assets


642

1,283

927

1,141

3,993

Segment liabilities


(253)

(288)

(49)

(446)

(1,036)








Net assets


389

995

878

695

2,957








 

STATEMENT

 

This statement was approved by the directors on 20 May 2011. This statement does not constitute the Group's statutory accounts for the year ended 31 December 2010. Statutory accounts for the year ended 31 December 2009 have been delivered to the Registrar of companies. The auditor's report on those accounts was unqualified and did not contain any statement under section 495 of the Companies Act 2006. The auditor's report for the accounts to 31 December 2010 is unqualified.

 

The Annual Report and Accounts, including the notice of annual general meeting for 2010, will be made available to the shareholders and the public on the Company's web site (http://www.ultima-networks.co.uk) over the next few days and the Company will make a further announcement in this regard at the appropriate date.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
FR DKBDDBBKBAPB